Quote:
Originally Posted by BlueStreak
Barney Frank is to blame for the housing debacle that triggered this rec(depr)ession?
http://www.youtube.com/watch?v=QYvtv...layer_embedded
http://www.youtube.com/watch?v=GkAtU...eature=related
I think not. At least that's not how I remember it. See, the "Ownership Society" was the brainchild of one George W. Bush. Hmmmmm---2002, "flipping", buying a house for a song and selling it for a princes ransom----I did a little of that myself. Now the damn things are too expensive----no one can afford them. Wow! Who'd a thunk that holding down wages whilst jacking up housing prices could lead to disaster?
Aaahhhhh, how the pieces of this puzzle come together. I'm not a religious man, but it would seem to me a sandal wearing hippie from the way back tried to warn us of the evils of unbridled greed.....It aint no good. He said.
Maybe we should've listened?
Dave |
It goes back quite a bit further than Shrub. Sadly, both parties were too busy playing politics to address the issue.
Allowing the mortgage brokers to run free offering loans above appraisal with payments below interest had more to do with it than anything. It was a real money making operation provided one got out before the music stopped. I know several who didn't.
And the mortgage brokers are still out there. Their latest scam is luring the aspirants into their offices to apply for a mortgage that they have no hope of qualifying for, and then pocketing their origination fees.
Or so I was told by a couple I do work for. One is an attorney and the other is a CPA, so they understand perfectly how the game is being played.
Chas